The next few months will be critical -- The Friedman Unit of real estate. Given that their housing season is as inverted as their world map, the Aussies may give us an early glimpse for what is to come for Canada in their springtime.
Property sales will slow over summer as sellers are forced to become more realistic: Expert
"Then what will happen is that we'll see these sellers putting them fresh on the market in January or February after this two or three week hiatus. Then what we're going to see is that sellers will reflect on how urgently they need to sell and what price they can realistically get."
The comments come after a number of property analysts, mostly led by SQM Research director Louis Christopher, have identified a huge amount of stock on the market over the Spring season. Sellers have been wanting to capitalise on huge growth in prices, but buyers are wary after several interest rate increases.
Airey says that the Summer season will be one of reflection, given that sellers finally realise they won't be getting the prices they've hoped for.
This is the point where we find out which homeowners were truly speculators and which were homeowners with benefits of feeling rich, while they could.
Where did that housing shortage vanish to?